Copay bitcoin wallet review – September 2017

3 February 2019

Copay Wallet

Copay is a secure bitcoin wallet that is backed by BitPay.

Developed by BitPay to secure BitPay’s funds, the developers of Copay designed the wallet to give users maximum control of their money. They added robust security features, convenience and transparency in an effort to make Copay an instant favourite among crypto enthusiasts.

This wallet isn’t available through finder right now, but there are plenty of other cryptocurrency wallets for you to consider.

Pros

Cons

Service relies on central verification, which may upset some bitcoin users

May be a difficult learning curve for beginners

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.

What is Copay?

Copay is a hierarchical deterministic (HD) bitcoin wallet that was built to secure BitPay funds. It is a multi-signature wallet, which means that a single wallet can have more than one user. This makes it ideal for businesses where multiple signatures are needed to secure a transaction.

Copay is available on desktop, web and mobile interfaces, giving users multiple options for accessing their wallet.

Compatible with:

Web, desktop and mobile.

Available for Windows, Mac OS X, Linux. Android and iOS for mobile.

How much does it cost?

Like many other bitcoin wallets, Copay is free to use. Transaction fees apply for sending bitcoin. Costs are set by the blockchain community and based on transaction size.

Which currencies can I store?

Copay deals solely in bitcoin, but allows users to check prices in over 150 fiat currencies.

Bitcoin

How do I add currency to my wallet?

Copay users are ready to accept payments as soon as they add a wallet. This can be done by using the “create a new wallet” feature, which also gives you the option of opening a shared wallet among you and your peers.

Copay is ideal for users who don’t want to keep their funds with a third party. It’s compatible with multiple devices and operating platforms and offers a safe environment to secure all of your bitcoin and fiat currencies.

How do I make or receive payments with my Copay?

To receive funds into your Copay wallet, the sender must have your bitcoin address. Since this is an HD wallet, your bitcoin address changes automatically after every payment.

To make payments with Copay, simply identify your receiver’s bitcoin address and click “Send.” This can be done by writing down the address or scanning their QR code. Copay also allows you to add payees to your address book for easy access.

After verifying the address, users can specify the amount of money and payment type they wish to send. This includes making payments in bitcoin or fiat currency.

How secure is Copay?

As an HD wallet, Copay’s security is well-regarded. Copay is also one of the first bitcoin wallets to support the full Bitcoin Payment Protocol. This means that, when you send funds to a payment protocol-enabled merchant, Copay securely verifies that the payment has been sent to the right place.

Where can I get Copay?

Copay is available on various platforms, including Microsoft Windows, Mac OS X and Linux. Mobile versions are also available for Android and iPhone. It’s advisable to go to the Copay homepage for direct links to the latest Copay Bitcoin Wallet.

Pros and cons

Pros

Multi-signature wallet

Supports multiple wallets on one app

Open source

Highly reputable wallet backed by leading bitcoin payment firm

Cons

Service relies on central verification, which may upset some bitcoin users

May be a difficult learning curve for beginners

Next Steps

If Copay’s features sound appealing, you can download the wallet app directly to your device relatively quickly. After downloading the app, go to the “Settings” tab to back up the wallet. It’s here that you’ll be asked to input your 12-word recovery phrase.

In a matter of minutes, you will be ready to add and use multiple wallets. This means it can be tailor-made to suit your specific needs.

Frequently asked questions

Copay is an open source project, whereas the BitPay wallet app is officially supported by BitPay. The company says Copay will continue to be the primary “development head” for the BitPay wallet app.

Yes, users can still recover their wallet through the Copay recovery tool via GitHub. To do so, you’ll need your 12-word recovery phrase.

Moving your wallet from Copay to BitPay can be done easily. Simply go to the BitPay app and use the “Import Wallet” feature. Your 12-word Copay backup phrase will be needed.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.

Disclaimer - We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. If you are unsure you should get independent advice before you apply for any product or commit to any plan.

finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, we may receive compensation from our partners for featured placement of their products or services. We may also receive compensation if you click on certain links posted on our site.

Thank you for your feedback.

Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.

Advertiser Disclosure

finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.